Stanbic IBTC Issues Update on Regulatory Fine by the Central Bank of Nigeria

Further
to our update of 06 September 2018 to The Nigerian Stock Exchange on the above
subject matter, Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has
been informed by its banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”),
that the Central Bank of Nigeria (CBN) has written to advise the Bank that it
would examine new submissions and documentations made by the Bank, and where
justified, it would review its earlier decision on the penalty it imposed on
the Bank.

The
Bank had communicated that it believed that it had acted properly in an agency
capacity.

The
CBN has confirmed that our banking subsidiary WILL NOT be debited for USD2.632
billion, being the portion of the remittances the Bank had made on the basis of
the Certificates of Capital Importation, which the CBN had previously suggested
that the Bank should also be prepared to refund.

The
Bank will continue its engagements with the CBN and provide additional
evidences in relation to the issues it has raised.